Stanco Company leased equipment from Sand Leasing on January 1, 2021 Other information: Lease term Annual payments Life of asset Implicit interest rate PV, annuity due, 5 periods, 9% PV, ordinary annuity, 5 periods, 9% Sand's cost of the equipment 5 years $70,000 on January 1 each year 5 years 9% 4.2397 3.8897 $296,779 There is no expected residual value. Required: Prepare appropriate journal entries for Sand Leasing for 2021 and 2022. Assume a December 31 year-end (If no a transaction/event, select "No journal entry required" in the first account field. Round your intermedinte and nearest whole dollar amounts.)